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(20 ILCS 620/6)
(from Ch. 67 1/2, par. 1006)
Sec. 6. Filing with county clerk; certification of initial equalized
assessed value.
(a) The municipality shall file a certified copy of any ordinance
authorizing tax increment allocation financing for an economic development
project area with the county clerk, and the county clerk shall immediately
thereafter determine (1) the most recently ascertained equalized assessed
value of each lot, block, tract or parcel of real property within the economic
development project area from which shall be deducted the homestead exemptions
provided by Sections 15-170, 15-175, and 15-176 of the Property
Tax Code, which value
shall be the "initial equalized assessed value" of each such piece of property,
and (2) the total equalized assessed value of all taxable real property within
the economic development project area by adding together the most recently
ascertained equalized assessed value of each taxable lot, block, tract, or
parcel of real property within such economic development project area, from
which shall be deducted the homestead exemptions provided under Article 15 of the Property Tax Code, and shall certify such
amount as the
"total initial equalized assessed value" of the taxable real property within
the economic development project area.
(b) After the county clerk has certified the "total initial equalized
assessed value" of the taxable real property in the economic development
project area, then in respect to every taxing district containing an
economic development project area, the county clerk or any other official
required by law to ascertain the amount of the equalized assessed value of
all taxable property within that taxing district for the purpose of
computing the rate per cent of tax to be extended upon taxable property
within that taxing district, shall in every year that tax increment
allocation financing is in effect ascertain the amount of value of taxable
property in an economic development project area by including in that
amount the lower of the current equalized assessed value or the certified
"total initial equalized assessed value" of all taxable real property in
such area. The rate per cent of tax determined shall be extended to the current
equalized assessed value of all property in the economic development project
area in the same manner as the rate per cent of tax is extended to all other
taxable property in the taxing district. The method of allocating taxes
established under this Section shall terminate when the municipality adopts an
ordinance dissolving the special tax allocation fund for the economic
development project area, terminating the economic development project area,
and terminating the use of tax increment allocation financing for the economic
development project area. This Act shall not be construed as relieving
property owners within an economic development project area from paying a
uniform rate of taxes upon the current equalized assessed value of their
taxable property as provided in the Property Tax Code.
(Source: P.A. 95-644, eff. 10-12-07.)
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